The U.S. Senate Banking Committee approved the GENIUS Act, which focuses on stablecoin regulation, passing with bipartisan support by a vote of 18-6. This legislation aims to provide a legal framework for nonbank stablecoin issuers, allowing them to operate under either state or national charters. Notable Democratic supporters include committee members Angela Alsobrooks, Mark Warner, Andy Kim, Lisa Blunt Rochester, and Ruben Gallego. Bill Hagerty, the bill's sponsor, plans for it to reach a full Senate vote by the end of April. During the committee markup, several amendments proposed by Elizabeth Warren, aimed at increasing regulatory oversight, were voted down, highlighting the division within the committee on cryptocurrency regulation. The latest amendments also sparked discussions on legal compliance for stablecoin issuers, marking a significant step towards regulatory clarity in the digital asset space.

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